Freecharge part­ners with Axis Bank

Voice&Data - - APP ALERT -

Digital pay­ments plat­form Freecharge has part­nered with Axis Bank to launch Uni­fied Pay­ments In­ter­face (UPI) en­abled pay­ment on its An­droid app. UPI will en­able in­stant seam­less trans­ac­tions from a smart­phone us­ing a vir­tual pay­ment ad­dress (VPA).

Con­sumers will be able to cre­ate a vir­tual ad­dress on the Freecharge An­droid app and link it to their bank account to regis­ter on the UPI plat­form. This fea­ture will al­low con­sumers to pay on Freecharge in a se­cure and swifter way for trans­ac­tions in the first phase and over the next few weeks. Since this op­tion is only avail­able on the new ver­sion of An­droid app, users will have to up­grade to the lat­est ver­sion of the An­droid app to see this op­tion while do­ing recharges/ bill/util­ity pay­ments.

Cus­tomers can cre­ate mul­ti­ple han­dles/ VPA linked to their bank ac­counts. When the cus­tomer makes the pay­ment us­ing his han­dle or Axis Bank’s VPA, he will be trans­fer­ring money from his bank account to the mer­chant or ben­e­fi­ciary account with­out ex­pos­ing the cus­tomer account de­tails such as account num­ber, IFSC code etc. The mer­chant or ben­e­fi­ciary will only be able to see the cus­tomer VPA in this process.

Con­sumers can regis­ter for UPI through Freecharge app. Freecharge will also be driv­ing regis­tra­tions through other chan­nels such as e-mails, no­ti­fi­ca­tions and cam­paigns.

UPI en­ables low cost, high-vol­ume pay­ments and cre­ates a new ecosys­tem where cus­tomers and mer­chants will come to­gether for faster and sim­pler elec­tronic pay­ments. UPI elim­i­nates the need for mer­chants to be PCI - DSS cer­ti­fied to store cus­tomers’ pay­ment cre­den­tials as the Vir­tual Pay­ment Ad­dress can be stored against the cus­tomers’ lo­gin.

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